swappable is an “intentionally undocumented” feature which is currently under development / in-test. It’s used to handle “I have a base abstract model which has some foreign-key relationships.” Slightly more detail is available from Django’s ticketing system and github. Because it’s a “stealth alpha” feature, it’s not guaranteed to work (for anything other than User), and understanding the detailed operation will likely require diving into source code. It works with AUTH_USER_MODEL because the User model and swappable flag were developed together, specifically for each other.